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BYP 2-6 Decision-Making Across the Organization
(a) May 1 Correct.
5 Correct.
7 Cash ........................................................ 300
14 Equipment............................................... 800
15 Dividends ................................................ 400
20 Cash ........................................................ 184
30 Correct.
31 Supplies .................................................. 1,700
balance from balancing.
(c) Net income as reported ........................................... $4,500
Add: 5/15, Salaries expense (Dividends paid) ..... 400
BYP 2-7 Communication Activity
Date: May 25, 2015
To: Accounting Instructor
From: Student
entry is:
Accounts Receivable ............................................................ 6,000
(Billed customers for services performed)
account Service Revenue.
Salaries and Wages Expense ............................................... 2,000
(Salaries and wages paid)
general ledger account Cash.
(a) The stakeholders in this situation are:
Meredith Ward, assistant chief accountant.
Users of the company’s financial statements.
The Frazier Company.
(b) By adding $1,000 to the Equipment account, that account total is
intentionally misstated. By not locating the error causing the
imbalance, some other account may also be misstated by $1,000. If
(c) Meredith’s alternatives are:
BYP 2-8 Ethics Case
BYP 2-9 ETHICS CASE
The decision whether to fire Mr. Edmondson was the responsibility of
Radio Shack’s board of directors, which is elected by the company’s
shareholders to oversee management. The board initially announced its
line: Your résumé must be a fair and accurate depiction of your past.
BYP 2-10 ALL ABOUT YOU
(a) Students’ responses to this question will vary. It is important that the
steps that they identify be as specific as possible, and clearly
(b) There are many sites on the Internet that provide information about
preparing a résumé. For example, you can find extensive resources at:
phone numbers are accurate and up-to-date. Also, ensure that the
people you use as references have a copy of your résumé and cover
letter, and that they are informed that you are interviewing so they
know to expect a call.
BYP 2-10 CONSIDERING PEOPLE, PLANET AND PROFIT
promised.
(b) The Starbucks certification appears to be the most common in that
area. It has the advantage of having a direct link to the Starbucks
coffee market. Although it does not guarantee that Starbucks will buy
making Starbucks a potential customer, which can stabilize farmers’
earnings. Certifications can also be financially beneficial because
companies can benefit from the positive relations effects of either
producing or buying coffee produced using sustainable practices.
IFRS EXERCISES
IFRS 2-1
the following.
Whether IFRS is sufficiently developed and consistent in application
Whether the IASB is sufficiently independent
Whether IFRS is established for the benefit to investors
systems, contractual arrangements, corporate governance, and
litigation
The issues involved in educating accountants, so they can prepare
statements under IFRS
IFRS 2-2 INTERNATIONAL FINANCIAL REPORTING PROBLEM
Account
Financial Statement
Position in Financial
Statement
(a) Other
administrative
expenses
Consolidated Income
statement
After gross profit and before
operating profit
(b) Cash at bank
Consolidated Balance
Sheet
Current assets
(c) Borrowings and
overdrafts
Consolidated
Balance Sheet
Current and Non-current
liabilities
(d) Finance costs
Consolidated Income
Statement
After Operating profit and
before Profit from
continuing operations
before taxation.
